INTERNATIONAL NEWS

ROTTERDAM RULES – WHAT THEY MEAN

Since the new convention was first signed two months ago, a further five nations have inked their approval making eventual ratification more likely. But just what are the Rotterdam Rules? Stuart Hetherington explains

Cruise cancelled after Pacific Sun loses her bearing

P&O CRUISES had to cancel a seven-night Pacific Sun cruise that was due to start last week.

Leighton, Saipem win jetty contract

THE WORK involves design, material supply, fabrication, construction and commissioning of the LNG jetty and marine structures, Leighton said.

Message to Somali pirates: do not bank on ransoms

Insurers are among those working on a long-term solution, reports Richard Neylon

Cruise leaders united in optimism

Five of the cruise sector’s top brass were unanimous in their assessment of the future prospects for the industry at this year’s Seatrade Europe event, write Anne-Christin Gröger and Katrin Berkenkopf

Yards feel the pinch as owners forego repairs

SHIPREPAIR facilities are struggling to gain more than minimal levels of work from shipowners desperate to cut costs during the downturn

Baltic in talks with LME on dry exchange

THE BALTIC Exchange has opened commercial negotiations with the London Metal Exchange (LME) to jointly establish an exchange for trading dry freight derivatives, with one major broker now apparently backing the contentious proposal.

Patchwork CO2 deal likely, says Brussels

A PATCHWORK of regional measures to enforce CO2 emissions reduction from shipping is the most likely scenario in the short term, according to the European Commission.

Recycling key for China yards

CHINESE shipyards should focus on becoming ship recycling facilities and the Chinese Government should remove import taxes on ships sent to China for scrapping, a leading shipowners’ representative has urged.

Chinese shipping leaders rail against US protectionism

A RAFT of China’s top shipping leaders have warned the looming threat of protectionism could derail the recovery in global trade and the shipping markets.

Box shortage looms from 2010

CONTAINER finance specialist Buss Capital predicts a shortage of containers from 2010 as virtually no new boxes were produced in 2009 and signs are emerging that demand will soon pick up again.

Box losses drag Maersk group deeper into red . . .

CONTAINER shipping is dragging AP Moller-Maersk deeper into the red, with the group still expecting to post a full-year loss of US$1bn as Maersk Line’s woes continue. Neither was there any relief in sight, with 2010 expected to be another difficult year for the world’s largest ocean carrier.

. . tankers are bleeding too

HISTORICALLY-low tanker rates saw AP Moller-Maersk’s tanker division lose around US$826,000 daily in the third quarter, as the Danish shipping giant warned there was no short-term improvement in demand for its fleet of oil and gas ships.

State aid harms market – Andersen

STATE aid for container lines will encourage illogical behaviour in the freight markets and postpone industry consolidation, AP Moller-Maersk chief executive Nils Andersen warned.

Smit and Boskalis agree to merge

DUTCH maritime services operators Royal Boskalis and Smit Internationale are set to merge in a €1.4bn (US$2.1bn) deal that ends nearly two years of cat-and-mouse takeover attempts.

Grim outlook for Asian container shipping

THE OUTLOOK for Asia’s container shipping market remains “grim” due to “anaemic” western consumer spending in 2010, according to a forecast from Hong Kong-based HSBC Global Research.

Containership sales up as prices drop

CONTAINERSHIP sale and purchase activity picked up in the third quarter after stalling earlier this year as the freight and charter markets collapsed.

Watching the global indicators for signs of recovery

THE SHIPPING industry is looking anxiously at global economic indicators for signs of recovery in trade volumes that will feed demand for shipping capacity.

Cutting sulphur from fuel could cause engines to fail: research

Increase in cutter stock compromises engines, reports CRAIG EASON